This article analyses the current state of empirical legal research in the law and the regulation of financial markets. It aims to provide a brief survey of the main work done either by lawyers or by others but which is pertinent to the operation of law and regulation. It focuses on six main areas of research and debates. These are the debates on the efficient markets hypothesis and mandatory disclosure rules in securities regulation; studies on behavioralism and their (...) impact on disclosure as a tool for protecting investors; studies on the impact of rules relating to market misconduct on market development; research into the relationship between legal rules and securities market development; evidence of the unintended impacts of regulation; and research into the dynamics of financial market regulatory regimes. Finally, this article mentions that understanding the general context in which law and regulation operates deepens our understanding of the nature, potential, and limits of law and regulation themselves. (shrink)

This paper shows how John R. Commons’ analysis of a firm’s goodwill value gives analytical support to Professor Amartya Sen’s contention (BEQ, 1993) that business ethics makes economic sense. A firm’s market value consists of the value of both tangible and intangible capital, including the goodwill value of ongoing customer relations. If a firm is to defend its goodwill value, it needs to have the protection of the courts and to pursue ethical practices. The courts defend fair competition by giving (...) protection from unethical competitors while the firm defends its reputation with honest dealings.By implication, firms which depend on ongoing customer relations will tend to engage in more ethical business practices than firms which do not. Even a firm which makes a mistake that compromises its product’s safety may reduce the loss of goodwill value over time by admitting the mistake early rather than hiding it.Also by implication, the transition from a command socialist economy to a market economy cannot be made instantaneously since trust, reputation, and these ongoing customer relations-key institutions of market economics-cannot be generated instantaneously. (shrink)

This paper shows how John R. Commons’ analysis of a firm’s goodwill value gives analytical support to Professor Amartya Sen’s contention (BEQ, 1993) that business ethics makes economic sense. A firm’s market value consists of the value of both tangible and intangible capital, including the goodwill value of ongoing customer relations. If a firm is to defend its goodwill value, it needs to have the protection of the courts and to pursue ethical practices. The courts defend fair competition by giving (...) protection from unethical competitors while the firm defends its reputation with honest dealings.By implication, firms which depend on ongoing customer relations will tend to engage in more ethical business practices than firms which do not. Even a firm which makes a mistake that compromises its product’s safety may reduce the loss of goodwill value over time by admitting the mistake early rather than hiding it.Also by implication, the transition from a command socialist economy to a market economy cannot be made instantaneously since trust, reputation, and these ongoing customer relations-key institutions of market economics-cannot be generated instantaneously. (shrink)

The authors argue that Erving Goffman developed concepts that contribute to an understanding of historical changes in the construction of the self and enable us to see the new forms that self-construction is taking in a society driven by consumption, marketing, and media. These concepts include: commercial realism; dramatic scripting; hyper-ritualization; the glimpse; and the dissolution or undermining of the real, the authentic, and the autonomous. By placing Goffman's under-discussed work, Gender Advertisements, in rapprochement with the work of Guy Debord, (...) Jean Baudrillard, and Fredric Jameson, we draw out shared concerns over the ways that the self becomes externally defined and incoherent in advanced consumer capitalism. We then turn to Goffman's “Territories of the Self” in order to show that Goffman balances his historicist analysis with a theory of a self that can maintain its coherence amidst the fragmenting forces of the media and the consumer society. Thus we document the continuing relevance of Goffman's thought for cultural and media analysis in contemporary consumer society. (shrink)

Fake and unethical publishers’ activities are known by most of the readers of Science and Engineering Ethics. This letter tries to draw the readers’ attention to the hidden side of some of these publishers’ business. Here the black market of scholarly articles, which negatively affects the validity and reliability of research in higher education, as well as science and engineering, will be introduced.

One of the most common arguments against legalising markets in human kidneys is that this would result in the widespread misuse that is present in the black market becoming more prevalent. In particular, it is argued that if such markets were to be legalised, this would lead to an increase in the number of people being coerced into selling their kidneys. Moreover, such coercion would occur even if markets in kidneys were regulated, for those subject to (...) such coercion would not be able to avail themselves of the legal protections that regulation would afford them. Despite the initial plausibility of this argument, there are three reasons to reject it. Firstly, the advantages of legalising markets in human kidneys would probably outweigh its possible disadvantages. Secondly, if it is believed that no such coercion can ever be tolerated, markets in only those human kidneys that fail to do away with coercion should be condemned. Finally, if coercion is genuinely opposed, then legalising kidney markets should be supported rather than opposed, for more people would be coerced were such markets to be prohibited. (shrink)

A secret concealed for centuries, shrouded in myth, silenced by stone. A secret that if unleashed threatens to shake the very foundation of Western civilization. A secret that can remain hidden no longer. The quest begins in Rome, where a grizzly murder and a plundered tomb serve to ignite perhaps the most controversial conflict in human history. Inspector Domenico Conti is charged with the task of recovering the contents of the tomb, but as he delves deeper into the investigation, he (...) is thrust into the center of a centuries-old struggle between truth and those who would stop at nothing to conceal it. But he is not alone. Dr. Dana McCarter, newly appointed director of the Advanced Institute for the Study of Antiquity, finds herself at the heart of the mystery when her considerable expertise in ancient Greek philosophy and her suspect involvement with the black market take her on a journey beginning in her New York University offices and sweeping around the globe—from the dark alleys of Moscow, to the rolling hills of the Italian countryside and the enigmatic relics of an ancient civilization, alive with long-kept secrets. As the search for answers leads them through a labyrinth of conspiracy and intrigue, Dana and Domenico must question everything they believe in and decide how much they are willing to sacrifice to know the truth. (shrink)

One of the most widespread objections to legalizing a market in human organs is that such legalization would stimulate the black market in human organs. Unfortunately, the proponents of this argument fail to explain how such stimulation will occur. To remedy thus, two accounts of how legalizing markets in human organs could stimulate the black market in them are developed in this paper. Yet although these accounts remedy the lacuna in the anti-market argument from the black (...) market neither of them provide reason to believe that legalizing an organ markets would stimulate the black market in organs. Despite its prevalence, then, the argument from the black market should be rejected. (shrink)

This present paper analyses the ethical implications of the upward growth of black market trading in Zimbabwe in the context of its political economy of crisis that was predominant from 2000 to 2008. It argues that the growth of black market trading during the stated period can be situated in the prevailing political economy of crisis and strained state-market relations. Poor policy decisions by government as well as the imposition of targeted sanctions on the country by the United (...) States of America (USA) and European Union (EU) contributed to this crisis. Grounded on the theoretical framework of political economy, such an analysis of the ethical implication of black market trading is necessary for students of business ethics not only because black market trading has had some significant implications on the economy of Zimbabwe, but also because it leads us to question the extent to which people take ethics to be of importance in business. (shrink)

This present paper analyses the ethical implications of the upward growth of black market trading in Zimbabwe in the context of its political economy of crisis that was predominant from 2000 to 2008. It argues that the growth of black market trading during the stated period can be situated in the prevailing political economy of crisis and strained state-market relations. Poor policy decisions by government as well as the imposition of targeted sanctions on the country by the United (...) States of America (USA) and European Union (EU) contributed to this crisis. Grounded on the theoretical framework of political economy, such an analysis of the ethical implication of black market trading is necessary for students of business ethics not only because black market trading has had some significant implications on the economy of Zimbabwe, but also because it leads us to question the extent to which people take ethics to be of importance in business. (shrink)

This study used experimental and correlational techniques to examine perceptions that university faculty hold regarding the practice of professorial selling of examination textbooks to wholesalers. Faculty members (n = 236) from 14 universities and community colleges and a wide variety of academic disciplines responded to a web-based survey. We presented hypothetical selling situations to respondents with manipulated variables consisting of solicitation status (unsolicited versus solicited) and use of money (for faculty or for student activities). Both main effects and the interaction (...) effect were significant such that respondents perceived it to be more ethical to sell an examination book when the book was unsolicited and when the money was being used to fund student activities. The variable most correlated with faculty members' beliefs that book selling is ethical and the faculty members' self-reports of whether or not they have engaged in bookselling was how widespread the practice appeared to be on campus. About 30 percent of faculty members sold textbooks over the past year at a dollar value of about $80 per professor. About 38 percent of respondents reported they believed the practice to be generally ethical. Implications for business ethics theory, students' moral development, and advancement of on-campus codes of ethics policies are discussed along with avenues for future research. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are (...) still necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

This study used experimental and correlational techniques to examine perceptions that university faculty hold regarding the practice of professorial selling of examination textbooks to wholesalers. Faculty members (n = 236) from 14 universities and community colleges and a wide variety of academic disciplines responded to a web-based survey. We presented hypothetical selling situations to respondents with manipulated variables consisting of solicitation status (unsolicited versus solicited) and use of money (for faculty or for student activities). Both main effects and the interaction (...) effect were significant such that respondents perceived it to be more ethical to sell an examination book when the book was unsolicited and when the money was being used to fund student activities. The variable most correlated with faculty members' beliefs that book selling is ethical and the faculty members' self-reports of whether or not they have engaged in bookselling was how widespread the practice appeared to be on campus. About 30 percent of faculty members sold textbooks over the past year at a dollar value of about $80 per professor. About 38 percent of respondents reported they believed the practice to be generally ethical. Implications for business ethics theory, students' moral development, and advancement of on-campus codes of ethics policies are discussed along with avenues for future research. (shrink)

PowerMaster was a malt liquor which Heileman Brewing Company sought to market to inner-city blacks in the early 1990s. Due to widespread opposition, Heileman ceased its marketing of PowerMaster. This paper begins by exploring the moral objections of moral illusion, moral insensitivity and unfair advantage brought against Heileman’s marketing campaign. Within the current market system, it is argued that none of these criticism was clearly justified. Heileman might plausibly claim it was fulfilling its individual moralresponsibilities.Instead, Heileman’s marketing program must be (...) viewed as part of a group of marketing programs which all targeted inner-city blacks. It is argued that those marketers who target this particular market segment constitute a group which is collectively responsible for theharms imposed by their products on inner-city blacks. This responsibility is reducible neither to individual responsibility nor to a shared responsibility. It constitutes a dimension of moral responsibility to which marketers must pay attention. (shrink)

In the 19th century, ‘scientific archaeologists’ split from their antiquarian colleagues over the role that provenience (context) plays in the value of an artifact. These archaeologists focus on documenting an artifact’s context when they remove it from its original location. Archaeologists then use this contextual information to place these artifacts within a particular larger assemblage, in a particular time and space. Once analyzed, the artifacts found in a site or region can be used to document, to understand, and explain the (...) past. Given the central place of context for archaeological excavation, archaeologists have done everything in their power to combat the black market. Hoping to stem the tide, archaeologists have leveled attacks on those who excavate these materials, those who traffic in them, and those who purchase them. Unfortunately, despite decades of argument and legal wrangling, archaeologists have been unable to stop the black market. The purpose of this paper is to analyze this failure from the supply side (what archaeologists call looting) and to suggest better ways to engage other stakeholders to the benefit of most, if not all. (shrink)

This article uses 18 months of ethnographic observations with formerly incarcerated black women to contend that they are subjected to what I term rehabilitation labor—a series of unwritten state practices that seek to govern the transformation of formerly incarcerated people from criminals to workers. I reveal that employment is subjectively policed by state agents and must meet three conditions to count as work: reliable, recognizable, and redemptive. I find that women who are unable to meet these employment conditions are (...) framed by state agents as failing to demonstrate an appropriate commitment to their moral—and therefore criminal—rehabilitation, and consequently experience perceived threats of reincarceration. Building a theory of intersectional capitalism, I argue that rehabilitation labor is situated within a broader historical project of making black women legible to the state through the labor market. (shrink)

Racial earnings inequalities in the United States diminished significantly over the three decades following World War II, but since then have not changed very much. Meanwhile, black—white disparities in employment have become increasingly pronounced. What accounts for this historical pattern? Sociologists often understand the evolution of racial wage and employment inequality as the consequence of economic restructuring, resulting in narratives about black economic fortunes that emphasize changing skill demands related to the rise and fall of the industrial economy. (...) Reviewing a large body of work by economic historians and other researchers, this article contends that the historical evidence is not consistent with manufacturing- and skills-centered explanations of changes in relative black earnings and employment. Instead, data from the 1940s onward suggest that racial earnings inequalities have been significantly influenced by political and institutional factors—social movements, government policies, unionization efforts, and public-employment patterns—and that racial employment disparities have increased over the course of the postwar and post-1970s periods for reasons that are not reducible to skills. Taking a broader historical view suggests that black economic fortunes have long been powerfully shaped by nonmarket factors and recenters research on racial discrimination as well as the political and institutional forces that influence labor markets. (shrink)

We propose that marketing of unhealthy foods and beverages to Black and Latino consumers results from the intersection of a business model in which profits come primarily from marketing an unhealthy mix of products, standard targeted marketing strategies, and societal forces of structural racism, and contributes to health disparities.

This essay considers the complexities associated with faith-based initiatives for poor black people, as these initiatives have become one antipoverty strategy within some black churches. Deploying a womanist perspective on public policy, my contention is that faith-based initiatives have a contradictory nature in relation to ameliorating poverty among blacks. While these initiatives provide the necessary funding for many religious organizations such as black churches that are already doing antipoverty work, these initiatives simultaneously fail to consider how free-market (...) institutions exacerbate poverty in general and black poverty in particular. Black churches must acknowledge that faith-based initiatives are an insufficient strategy for the amelioration of poverty if such a strategy is not situated alongside more structural and class-based efforts to ameliorate systemic injustice. (shrink)

This essay provides a rationale for a regulated market for human oocytes. Although the commodification of human oocytes raises important moral concerns, these concerns do not justify laws banning commerce in human eggs. Given the burgeoning ART industry and the growing oocyte market, the most prudent course of action is to develop regulations for the human oocyte market that are designed to protect and promote important social values, such as health, safety, liberty, and respect for human life. Other responses, such (...) as banning the sale of eggs altogether or allowing donors to be compensated only for their services, would either create a black market or would lead to corruption and abuse. Society still needs to debate specific rules and policies that should govern the human egg market, but further discussion of that important task is best left to legislative bodies and other commentators. (shrink)

Markets, it is sometimes said, are hard on discrimination. An employer who finds himself refusing to hire qualified blacks and women will, in the long run, lose out to those who are willing to draw from a broader labor pool. Employer discrimination amounts to a self-destructive “taste” – self-destructive because employers who indulge that taste add to the costs of doing business. Added costs can only hurt. To put it simply, bigots are weak competitors. The market will drive them (...) out.On this account, the persistence of employment discrimination on the basis of race and sex presents something of a puzzle. And if markets are an ally of equality and a foe of employment discrimination, perhaps discrimination persists because of something other than markets. Perhaps labor unions are to blame; perhaps the real culprit is the extensive federal regulation of the employment market, including minimum-wage and maximum-hour laws and unemployment compensation. If competitive markets drive out discrimination, the problem for current federal policy lies not in the absence of aggressive anti-discrimination law, but instead in the absence of truly competitive markets.If this account is correct, the prescription for the future of anti-discrimination law is to seek ways to free up employers from the wide range of governmental disabilities – including, in fact, anti-discrimination law itself. The argument seems to be bolstered by the fact that some groups subject to past and present prejudice – most notably, Jews and Asian-Americans – have made substantial progress in employment at least in part because of the operation of competitive markets. (shrink)

Luke Semrau argues that the documented harms of existing organ markets do not undermine the case for establishing regulated systems of paid kidney donation. He offers two arguments in support of this conclusion. First, Semrau argues that the harms of kidney selling are straightforwardly amenable to regulatory solution. Second, Semrau argues that even in existing black markets, sellers would likely have experienced greater harm if the option of selling a kidney were not available. This commentary challenges both (...) of Semrau’s claims. I argue that there is no reason to believe that kidney sellers benefit from the current black market trade in organs, and highlight a number of potential issues regarding the effectiveness and feasibility of Semrau’s proposed market regulations. (shrink)

In a market economy, human work is offered and sought in the labor market. It is valued because of the level of demand for it and the rarity of the required qualifications. At the same time, because of the different contexts and conditions, there are many labor markets that are defined as the professional labor markets, local labor markets, dual labor markets, and black and gray labor markets.

BiDil, a heart failure drug for African Americans, emerged five years ago as the first FDA approved drug targeted at a specific racial group. While critical scholarship and the popular media have meticulously detailed the history of BiDil from its inauspicious beginnings as a generic combination drug for the general population to its dramatic resuscitation as a racial medicine, the enthusiastic support shown by some African American interest groups has been too little understood, as has their argument that BiDil was (...) an important response to race-based health disparities. In this essay, we show how the drugmaker, NitroMed, used the support it had solicited from black advocacy groups and community members to market BiDil as a unique “grassroots” pharmaceutical to the African American community. We go on to situate BiDil, which relied on a domestic, U.S.-centered conception of race, within the context of the global nature of both race and health disparities. Ironically, the grassroots angle of the BiDil case ultimately obscured the global crisis in health disparities. Furthermore, we argue that the grassroots model initiated by NitroMed should be taken note of, as it marks a potential avenue for the marketing of other drugs in the future. (shrink)

The market failures approach to business ethics has recently garnered substantial critical attention (see, e.g., Cohen and Peterson 2019; Moriarty 2020; Steinberg 2017; Hsieh 2017; von Kriegstein 2016; Smith 2018; Endorfer and Larue 2022; Singer 2018). Though precursors of this view can be found in the literature (e.g., McMahon 1981; Friedman 1970), it was Joseph Heath (2004, 2006, 2014, 2023) who developed the approach and gave it its name. The market failures approach (henceforth: MFA) is concerned with the ethical obligations (...) of managers of firms (Heath 2014, 69). Roughly, it holds that managers ought not to conduct their businesses in a way that exploits market failures. “Market failure” is a technical term, meaning any failure of the conditions of the first fundamental welfare theorem, sometimes called the “Pareto conditions” (see Arrow 1951). The theorem states that if the Pareto conditions hold, then the market equilibrium will use society’s scarce resources efficiently, meaning that no one could be made better-off without making anyone else worse off. Efficiency, according to Heath (2014, chapter 7), is the implicit morality of the market. We coordinate much of our shared activity using markets, Heath claims, because of their ability to produce efficient results. Markets are good forms of social organization, according to Heath, because they are the best way to promote our values given empirical facts about the frailties of human psychology and the informational constraints that we face. As such, managers ought not compromise the very conditions that justify a market economy by profiting from breakdowns in the market’s efficiency. Managers are permitted to maximize profits, so long as they do not violate the market’s norm of efficiency in so doing. This is because the fundamental justification for the profit motive is that it is necessary for the operation of the price system which is essential to the efficiency properties of markets. In this paper, I will argue that the MFA is more general than even Heath himself claims. The MFA describes the professional obligations of managers, but the view I develop, the generalized market failures approach, describes the obligations of all market participants. Since efficiency is the implicit morality of the market, it binds not just managers, but all market participants, including consumers, investors and workers. Market participants are permitted to maximize the benefit they gain from market interactions, as long as they do so in a way that does not take advantage of any market failures. Generalizing the MFA in this way has three benefits: first, we gain a unified understanding of the ethics of non-managerial market roles; second, we will develop an even better understanding of the duties of managers; finally, it gives us the resources to respond to some familiar objections to the MFA found in the literature. In the next section, I will further motivate the MFA and explain how this motivation can be easily generalized to other market roles. Importantly, one can avoid benefiting from a market failure in two distinct ways: by avoiding transactions that exploit market failures or by transacting in such markets and then remediating the harm done, by compensating those negatively affected by the market failure. This section concludes by discussing how the remediation duties are to be split between the transacting parties and how to identify the parties to whom compensation is owed. In section 3, I use the tools of the generalized MFA to develop a unified ethics of consumption, investment and labor, respectively. This is the basis of a grand abductive argument for the generalized MFA. The view is strongly supported by the fact that it provides attractive and unifying explanations of our obligations in domains as variegated as carbon offsetting, CEO compensation, the reparations white Americans owe to black Americans and occupational licensure. Section 4 briefly concludes. (shrink)

“Medical Tourism” is the travel of residents of one country to another country for treatment. In this article I focus on travel abroad to purchase organs for transplant, what I will call “Transplant Tourism.” With the exception of Iran, organ sale is illegal across the globe, but many destination countries have thriving black markets, either due to their willful failure to police the practice or more good faith lack of resources to detect it. I focus on the sale (...) of kidneys, the most common subject of transplant tourism, though much of what I say could be applied to other organs as well. Part I briefly reviews some data on sellers, recipients, and brokers. Part II discusses the bioethical issues posed by the trade, and Part III focuses on potential regulation to deal with these issues. (shrink)

This book is discussing patterns of radical religious thought in popular forms of Black music. The consistent influence of the Five Percent Nation on Rap music as one of the most esoteric groups among the manifold Black Muslim movements has already gained scholarly attention. However, it shares more than a strong pattern of reversed racism with the Bobo Shanti Order, the most rigid branch of the Rastafarian faith, globally popularized by Dancehall-Reggae artists like Sizzla or Capleton. Authentic devotion (...) or calculated marketing?Apart from providing a possible answer to this question, the historical shift of Bobo adherents from shunned extremists to firmly anchored personifications of authenticity in mainstream Rastafarian culture is being emphasized. A multi-layered comparative case study attempts to shed light on the re-contextualization of language as well as expressed dogmatic perceptions and symbolism, attitude towards other religious groups and aspects of ethnic discrimination. Further analysis includes the visibility of artists and their references to practical and moral issues directly derived from two obscure ideologies that managed to conquer airwaves and concert halls. (shrink)

“Medical Tourism” is the travel of residents of one country to another country for treatment. In this article I focus on travel abroad to purchase organs for transplant, what I will call “Transplant Tourism.” With the exception of Iran, organ sale is illegal across the globe, but many destination countries have thriving black markets, either due to their willful failure to police the practice or more good faith lack of resources to detect it. I focus on the sale (...) of kidneys, the most common subject of transplant tourism, though much of what I say could be applied to other organs as well. Part I briefly reviews some data on sellers, recipients, and brokers. Part II discusses the bioethical issues posed by the trade, and Part III focuses on potential regulation to deal with these issues. (shrink)

This article draws on contributions from the Sociology of Science and Technology and Science and Technology Studies, the Sociology of Risk and Uncertainty, and the Sociology of Work, focusing on the transformations of employment regarding expanded automation, robotization and informatization. The new work patterns emerging due to the introduction of software and hardware technologies, which are based on artificial intelligence, algorithms, big data gathering and robotic systems are examined closely. This article attempts to “open the black boxes” of the (...) “black carpet” (robotic sorting system) and examine the reorganization of Greek postal services through the introduction of software and hardware technologies, highlighting a) the high risk of flexible, pluralistic, decentralized (under)employment and aspects of the sub-politics of automation, b) the new forms of work organization and c) aspects of labor precariousness as a result of de-specialization or “flexible expertise” interconnected with new forms of inequalities based on AI, algorithms, big data and robots as reflected in the lived experiences of workers. The above are investigated through primary empirical social research in postal service companies in Greece. (shrink)

Advocates of paid living kidney donation frequently argue that kidney sellers would benefit from paid donation under a properly regulated kidney market. The poor outcomes experienced by participants in existing markets are often entirely attributed to harmful black-market practices. This article reviews the medical and anthropological literature on the physical, psychological, social, and financial harms experienced by vendors under Iran's regulated system of donor compensation and black markets throughout the world and argues that this body of (...) research not only documents significant harms to vendors, but also provides reasons to believe that such harms would persist under a regulated system. This does not settle the question of whether or not a regulated market should be introduced, but it does strengthen the case against markets in kidneys while suggesting that those advocating such a system cannot appeal to the purported benefits to vendors to support their case. (shrink)

During much of U.S. history, Black women had higher employment rates than white women. But by the late twentieth century, women in more privileged racial/ethnic, national origin, and education groups were more likely to work for pay. The authors compare the employment of white women to Blacks and three groups of Latinas—Mexicans, Cubans, and Puerto Ricans—and explain racial/ethnic group differences. White women work for pay more weeks per year than Latinas or Black women, although the gaps are small (...) for all groups but Mexicans. In all groups, education encourages and children reduce employment. Having a husband does not reduce employment, and husbands’ earnings have little effect. The higher fertility of Mexicans and the large number of recent immigrants among Mexican women reduce their employment relative to that of white women. The higher education of white women explains large shares of the employment gap with each group of women of color because, in today’s labor market, education strongly predicts employment. (shrink)

This paper argues that the rules that constitute a market protect autonomy and increase welfare in healthcare. Markets do the former through protecting rights to self-ownership and a cluster of rights that protect its exercise. Markets protect welfare by organizing and protecting trades. In contrast, prohibition destroys legitimate markets, giving rise to so-called black markets that harm both the autonomy and well-being of agents. For example, a fee-for-service medical system is a highly developed and specialized (...) market. It is individuals working together, through the division of labor, to provide mutual insurance. This coordination, and the benefits it makes possible, is not possible without injunctions against harm. Prohibitions on harm are not mere ethical niceties, they are practice rules for both healthcare and markets. Placing the doctor within a healthcare market actually reinforces the doctor’s moral obligation, and the legal enforcement of that obligation, not to harm. Similarly, markets reinforce patient rights to self-determination through legal and institutional enforcement of the harm principle in the form of the protection of certain basic welfare rights to life, bodily integrity, property, trade, and contract. Since the establishment of markets protects agent autonomy and welfare, and prohibition directly harms the same, there are strong reasons for establishing markets to protect trade in precisely those areas where autonomy and well-being are most vulnerable to exploitation, for example, the trade in human kidneys. (shrink)

As urbanization assumes planetary scales under variegated market regimes, spaces and opportunities for collective provisions of care are constrained. Long honed relational skills and the use of heterogeneous relationships for economic opportunity are disentangled in favor of intensely individuated adaptations to precarious livelihoods. Urban life increasingly becomes a continuously updated series of interoperable standardizations and probabilistic calculations. Yet endurance for large numbers of urban residents remains predicated on indifference to and acts of detachment from prevailing modes of urban power, in (...) operations of stealth and supplement long embodied by blackness, and Black Power. A notion of generic blackness is explored as conveying both the logic exhibited to define and contain the unbounded and errant forces shaping urban life and the opacities elaborated by residents of a lower-working-class district in Jakarta. (shrink)

Real business cycle theory, as exemplified by Fischer Black's Business Cycles and Equilibrium, posits that business cycles are due to random?technology shocks,? and not to monetary, fiscal or other government policies. Rational expectations and complete markets are supposed to enable decision makers to avoid the costly mistakes that would otherwise result from policies that distort incentives to borrow and invest. This paper questions the assumptions of rational expectations and complete markets from an Austrian?school perspective. It argues that (...) decision makers economize on information costs by basing their plans at least in part on the actual prices observed in the course of doing business, and that government regulations have impinged on the evolution of markets, leaving them far from complete. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Feminist Studies 47, no. 1. © 2021 by Feminist Studies, Inc. 147 Eric Andrew James The Representational Necropolitics of Black Women in Zombie Dystopia Video Games Though Stuart Hall defends popular representation as an important terrain of political struggle, he also argues that images of difference are dominated by “racialized regimes of representation” manifest in stereotypes and invisibilities.1 These ensure that marginal identities are reduced, essentialized, and rendered (...) other. One of the most powerful tools for this form of silencing in the popular representation repertoire is the notion of an established genre. In US popular culture, creators and critics alike often position people who experience multiple layers of oppression as constitutively outside the expectations of existing genres. Their absence is attributable not simply to creator racism but also to that genre’s relationships to intersecting categories of difference and domination, such as race and gender. Beginning with the preponderance of representational violence in popular media, this article draws from existing work by feminists of color in order to model a critique of US representational precarity. To illustrate the political tensions in popular US culture, I stage my intervention into a medium whose industry has had particularly fraught struggles with representation: video gaming. There, I focus specifically on 1. Stuart Hall, “The Spectacle of the Other,” in Discourse Theory and Practice: A Reader, ed. Margaret Wetherell, Stephanie Taylor, and Simeon J. Yates. (London: Sage, 2001), 325–44. 148 Eric Andrew James recent attempts to represent Black women, whom the gaming industry has held up as emblematic of difference and diversity. 2 These attempts are marred by predictable disasters and pitfalls. In particular, I discuss how the representational politics of Black women in popular zombie dystopia games repeats a similar violence as the previous silencing of Black women in these spaces. The gaming industry’s struggles with representation in the wake of Gamergate are demonstrative of broader tensions in Black women’s representation in popular media. Thus, while I am focused on video games, I also intend this analysis to reflect on feminist studies of the relationship between genre and representation. I advance existing scholarship on video game representations of Blackness by theorizing violence enacted at the intersections of race, gender, and sexuality in game genres. Specifically, I position this intervention as a point of departure from TreaAndrea M. Russworm’s chapter in Gaming Representation: “Dystopian Blackness and the Limits of Racial Empathy in The Walking Dead and The Last of Us.”3 This chapter provides a compelling critique of the relationship between the dystopian game genre and Black representation, highlighting the lack of self-reflexivity in mass-market representations of Blackness. Expanding this project by taking another look at her objects of study—The Last of Us (2013– 2014) and Telltale’s The Walking Dead (2012)—I argue that taking Black women’s multiple jeopardy as foundational to the zombie dystopia genre offers a deeper look at the grammars of representational violence. My use of multiple jeopardy refers to Deborah K. King’s theorization of how multiple layers of oppression exponentially multiply individual disadvantages. As King describes, “The modifier ‘multiple’ refers not only to several, simultaneous oppressions but to the multiplicative 2. AnnaMaria Jackson-Phelps, “Representation Matters: Positive Portrayals of Black Women in Video Games,” Medium, February 28, 2017, https:// medium.com/legendary-women/representation-matters-positive-portrayals -of-black-women-in-video-games-c96cf9f66fdf; Jef Rouner, “Would You Believe There Have Been Only 14 Playable Black Women in Gaming?” Houston Press, June 5, 2015, https://www.houstonpress.com/arts/would-you-believethere -have-been-only-14-playable-black-women-in-gaming-7484017. 3. TreaAndrea M. Russworm, “Dystopian Blackness and the Limits of Racial Empathy in The Walking Dead and The Last of Us,” Gaming Representation: Race, Gender, and Sexuality in Video Games, ed. Jennifer Malkowski and TreaAndrea M. Russworm (Bloomington: Indiana University Press, 2017), 109–28. Eric Andrew James 149 relationships among them as well.”4 These layers of oppression are often contradictory and may leave no avenues for action; the expectations placed on one for their race become impossible to fulfill because of the contradictory expectations placed on them for their gender or sexuality. This multiple jeopardy thus introduces... (shrink)

This book offers a unified treatment of selected topics in the theory of financial markets. Starting with discrete time models, Dothan introduces discrete time stochastic calculus and discrete martingale methods of intuitive simplicity to characterize attainability, completeness, pricing, and the relationship between risk and return in financial markets. Subsequently, he uses the intuition developed in conjunction with the discrete time theory to introduce continuous time calculus for continuous, jump, and mixed continuous-jump processes, and to deal with attainability, completeness, (...) pricing, and the relationship between risk and return in general continuous time models. Throughout, the exposition of the continuous time theory emphasizes the analogies between discrete time and continuous time methods and results. The book includes many examples, applications to the pricing of options and other derivative securities, and an extensive discussion of the Black-Scholes model and its most general theoretical extension. (shrink)

Over the last quarter-century, China has experienced dramatic changes associated with its development of a market economy. The character of clinical practice is also profoundly influenced by the ways in which reimbursement scales are established in public hospitals. The market distortions that lead to the over-prescription of drugs and the medically unindicated use of more expensive drugs and more costly high-technology diagnostic and therapeutic interventions create the most significant threat to patients. The payment of red packets represents a black-market (...) attempt to circumvent the non-market constraint on physicians' fees for services. These economic and practice pattern changes are taking place as China and many Pacific Rim societies are reconsidering the moral foundations of their professional ethics and their bioethics. The integrity of the medical profession and the trust of patients in physicians can only be restored and protected if the distorting forces of contemporary public policy are altered. (shrink)

As consumers represent a key actor for the success of businesses implementing socially responsible strategies, companies need to gain further insights on the determinants of responsible behaviors. In this study, we provide a contribution to the ongoing debate on responsible consumers by means of an integrative literature review, which analyzes a set of competing models mainly from social psychology and marketing. Stemming from this preliminary analysis of the existing evidence, we develop a new conceptual model, that is, a framework based (...) on (i) a flexible setting of the boundaries of analysis, (ii) a broader lens taking into account interrelations across behaviors, and (iii) a dynamic approach. The framework, for which an exemplary use is illustrated, represents the basis for advancing a rich agenda for future research. The latter is aimed at overcoming current criticalities in responsible consumer research, and it develops around the need for an integrative, dynamic, and cross-cultural approach on the one hand, and the elaboration of new perspectives on single antecedents, on the other. (shrink)

The Society of Jesus sprang from the devout faith of a sidelined soldier who traded in his weapons to form a militant order of Catholic Reformers sworn to serve the Papacy as missionary soldiers of Christ. Specialization in education led Jesuits to roles as theologians of the 16th Century, including as members of the School of Salamanca, whose Jesuit members mostly took pro-market positions on free enterprise. One learned Jesuit in particular deviated from his order’s default position of papal dirigisme (...) to become an enemy of the state. (shrink)

ABSTRACT Nassim Taleb rightly points out that although people may acknowledge in the abstract that the world is uncertain, they still behave as if a large enough sample size is all that is needed to predict, and model, the future. He also rightly notes that ever‐increasing quantities of information are relevant only in simple situations, such as in predicting the range of human height, but are misleading in more random arenas, such as financial markets. However, while Taleb decries the (...) use of narratives for falsely forcing the facts to fit a given story, we need narratives in order to make sense of a complex world. Further, Taleb fails to take sufficient heed of the fact that human narratives themselves become objects that act on subjects in an ever‐increasing web of complexity. (shrink)

It has become a truism that the ethics of artificial intelligence (AI) is necessary and must help guide technological developments. Numerous ethical guidelines have emerged from academia, industry, government and civil society in recent years. While they provide a basis for discussion on appropriate regulation of AI, it is not always clear how these ethical guidelines were developed, and by whom. Using content analysis, we surveyed a sample of the major documents (_n_ = 47) and analyzed the accessible information regarding (...) their methodology and stakeholder engagement. Surprisingly, only 38% report some form of stakeholder engagement (with 9% involving citizens) and most do not report their methodology for developing normative insights (15%). Our results show that documents with stakeholder engagement develop more comprehensive ethical guidance with greater applicability, and that the private sector is least likely to engage stakeholders. We argue that the current trend for enunciating AI ethical guidance not only poses widely discussed challenges of applicability in practice, but also of transparent development (as it rather behaves as a black box) and of active engagement of diversified, independent and trustworthy stakeholders. While most of these documents consider people and the common good as central to their telos, engagement with the general public is significantly lacking. As AI ethics moves from the initial race for enunciating general principles to more sustainable, inclusive and practical guidance, stakeholder engagement and citizen involvement will need to be embedded into the framing of ethical and societal expectations towards this technology. (shrink)